Caveat emptor

Caveat emptoris a Latin Phrase which means "Let the buyer beware". Generally caveat emptor is theproperty lawdoctrine that controls the sale of real property after the date of closing.

Under the doctrine of caveat emptor, thebuyercould not recover from thesellerfor defects on the property that rendered the property unfit for ordinary purposes. The only exception was if the seller actively concealed latent defects.

Beforestatutory law, the buyer had nowarrantyof the quality of goods. In many jurisdictions, the law now requires that goods must be of "merchantable quality". However, this implied warranty can be difficult to enforce, and may not apply to all products. Hence, buyers are still advised to be cautious.